Halftime Report trader Jon Najarian is betting that beleaguered metals miner Joy Global will recover. Shares are currently trading near their 2009 lows.

"We started to see a lot of options activity yesterday in Joy Global and Morgan Stanley is looking for substantial upside by 2017", added Najarian.

Trader disclosure: On October 8, 2015 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" were owned by the "Halftime Report" traders:

Pete Najarian is long AAPL, AMAT, BAC, BMY, BP, CSX, DIS, DISCA, DKS,FOXA, GE, KKR, KO, MRK, PEP, PFE, PHM he is long calls AA, ABX, AGN, BEE, BMY,CVX, DAL, ETFC, F, FL, GPRO, JOY, LM, LUK, MAS, MPEL, MRK, MXIM, PFE, SLV,SWFT, TNK, UAL, XLF, ZIOP, he is long puts EWW, FCX, MRO, X.

Jon Najarian is long FTR, NBL, PFE, PG, PPG, RAI, SCP, TEVA, WBA, ZSPH,ZTS he is long calls AAL, ABX, ADXS, AKS, ASNA, AVGO, BAX, BBY, BMY, EBAY, F,FEYE, FL, HLT, HZNP, ISIL, JD, LUK, MAR, MCK, MDLZ, MU, MXIM, NBL, NKE, PBR,PENN, PFE, PPG, QCOM, RAI, SLV, SWFT, TAP, YHOO.

Joe Terranova is long VRTS.

Jim Lebenthal is long AAPL, BA, C, CSCO, DCO, EEQ, GAIA, GM, IBM, INTC, JCP, MPC, OA, ORBC, PFE,QCOM, SJT, SPLS, TGT, TIF, TRN, WGO.